Loan Comparison: 3.06% vs 6.5%
225 8th, Longmont, CO 80504 · 1bd/1ba · $190,000
List Price
$190,000
Assumable Rate
3.06%
Remaining Balance
$162,789
Equity Gap
$27,211
Loan Type
VAAdjust Your Scenario
$9,500
$9,500$27,211
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.06% (VA)
Blended Rate: 3.59%
Monthly Payment Comparison
New Conventional @ 6.5%
$1,141/moAssumable @ 3.06% + gap loan
$828/moAssumed loan: $692/mo
Gap financing: $136/mo
$313less per month with the assumable
Your Savings on This Property
225 8th, Longmont · 3.06% VA vs 6.5% conventional
$313
per month
$3,757
per year
$112,715
over 30 years
$112,715
interest saved
How gap financing works: The equity gap ($27,211) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($9,500, 5% of purchase price) and a second mortgage for the rest ($17,711 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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